🚨 #Ethereum Slides Below $2,400 – Will Bears Push It Under $2,000?
Ethereum is following a gloomy path as Bitcoin retraces to November 2024 levels. After a 10% crash last night, ETH continues its downward trend with an intraday decline of 5.04%. With high market volatility, Ethereum is struggling to find solid support—so, is a drop below $2,000 on the horizon?
📉 Sliding Channel Breakdown in View?
📊 Technical Analysis:
🔹 ETH is trading at $2,380, after bouncing from a 24-hour low of $2,319.
🔹 The daily chart shows a descending channel, with ETH down 40% from its $4,000 swing high.
🔹 The 100 & 200-day EMAs are close to a bearish crossover, signaling further downside risks.
🔹 MACD & Signal lines also indicate a trend reversal—a bearish confirmation.
If Ethereum fails to hold the lower channel, selling pressure could accelerate the decline.
📉 ETH Price Targets
🔻 $2,224 – Fibonacci support level; a breakdown could lead to:
🔻 $2,000 – Major psychological support.
🔻 $1,740 – If bears take full control, this could be the next stop.
On the flip side, a bullish reversal could push ETH toward $2,600 (78.6% Fibonacci level).
📉 Ethereum ETFs See $78.09M Net Outflow
📉 Spot ETH ETFs recorded a net outflow of $78.09M on Feb 24.
🔻 BlackRock: $48.21M outflow.
🔻 Grayscale: $15.45M dumped.
🔻 Bitwise & Grayscale: Remain in negative flow territory.
With major institutions reducing exposure, investor sentiment remains bearish. Will ETH bounce back, or is sub-$2,000 inevitable? 🤔
💬 What are your thoughts? Will ETH break down further, or are we near a reversal? Drop your opinions below! 👇